Russian Far East Is Developing Fast, with More To Come
Sept. 5—Alexey Chekunkov, the Russian Minister for the Development of the Russian Far East and the Arctic, has given an interview to RT in which he appraised the development of the Russian Far East over the past period and what can be expected to come out of the Sept. 3-6 Eastern Economic Forum in Vladivostok. His central message is that “the East is a key growth hub of the national economy,” and for Asia generally.
Asked to describe the recent era of development in the Far East, Chekunkov said: “Three thousand, eight hundred new investment projects are currently underway across the Far East and the Arctic. State support mechanisms have helped bring nearly 12 trillion rubles ($148 billion) into the economies of these two macro-regions, almost half having already been invested…. While the Arctic has been part of accelerated development for the last five years, the Far East’s economic progress spans two consecutive five-year periods. The Far Eastern Federal District has outpaced many national average indicators. Investment in fixed assets has nearly doubled over ten years—a growth rate 2.6 times higher than the national average. In mining and construction, the macro-region’s growth rate is 3.3 times higher than the overall Russian average. These achievements stem from the accelerated development initiatives consistently implemented in the Far East through presidential decrees, including creation of priority development territories, the Free Port of Vladivostok, the Kuril Islands, a Special Administrative Region (SAR), and other measures.”
He added that there has been a 28% rise in electricity demand in the Far East over the past decade. “A striking indication of rapid economic growth is the 28% rise in electricity demand in the Far East over the past decade, double the average rate in Russia as a whole…. Overall, 1,200 new enterprises, creating over 180,000 new jobs, have been launched in the Far East and the Arctic. Moreover, average wages at enterprises resident in Territories of Advanced Development (TOR) and the Free Port exceed the national average by 53%.”
“Our projects extend beyond Russia, reaching a global scale,” he said, with large investments in copper, gas, ship building and more. “Over 178 million tons of port capacity have been added, boosting foreign trade turnover by 40%. The Northern Sea Route, our key transport artery, has experienced a tenfold increase in cargo volume over the past decade, to reach nearly 38 million tons in 2024.”